Counterfeit products create Rs 1 lakh crore hole in Indian economy, incidents up by 24% in 2019

Agencies
July 30, 2020

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Mumbai, Jul 30: Counterfeiting incidents have increased 24 per cent in the country in 2019 over the previous year, creating an over Rs 1 lakh crore hole in the economy, according to a report.

The report also said counterfeiters are having a free run due to the pandemic-driven disruptions to organised supply chains and the resultant spike in consumer demand.

According to the report by ASPA, a self-regulated industry body of anti-counterfeiting and traceability solutions providers, counterfeiting has risen steadily in the last few years, and exploiting the pandemic as a cover for their activities.

Between February and April 2020, over 150 incidents of counterfeiting cases were reported, mostly about fake PPE kits, sanitisers and masks taking advantage of the high demand for these products, it noted.

"There was a 24 per cent increase in counterfeiting in 2019 over 2018, leading to the loss of more than Rs 1 lakh crore to the overall economy," said Nakul Pasricha, president of Authentication Solution Providers Association.

The association works with global authorities like the International Hologram Manufacturers Association, Counterfeit Intelligence Bureau of the Interpol, and domestic industry lobbies like Ficci, he said.

Counterfeiting is a universal issue and is 3.3 per cent of global trade, according to the OECD data, impacting social and economic development across the world.

The report lists the currency, FMCG, alcohol, pharma, documents, agriculture, infrastructure, automotive, tobacco, lifestyle and apparel, as the 10 sectors impacted most by counterfeiting.

Among these, currency, alcohol and FMCG continue to be the top three sectors with the highest counterfeiting in the last two years. The FMCG sector is most vulnerable, as counterfeit incidents rose 63 per cent between 2018 (79) and 2019 when the reported cases jumped to 129.

Within the states, the fakers have a free run in Uttar Pradesh, Bihar, Rajasthan, Madhya Pradesh, Bengal, Punjab, Jharkhand, Delhi, Gujarat, and Uttarakhand, calling for urgent actions to frame anti-counterfeiting policy measures.

According to the report, UP continues to be on top followed by Bihar, Rajasthan, and together these three states represent almost 45 per cent of all counterfeiting reported in the last two years.

What is more alarming is that counterfeiting is not limited to high-end luxury items today, as common everyday items as fake cumin seeds, mustard cooking oil, ghee, hair oils, soaps, baby care vaccines and medicines are aplenty in the markets.

"There is an urgent need for building and nurturing authentication ecosystems in the country with the active involvement and active participation of all stakeholders," said Pasricha.

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News Network
November 21,2024

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Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani's flagship company Adani Enterprises tumbled 23 per cent, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 20 per cent and 90 per cent.

Adani group's 10 listed stocks had a total market capitalisation of about $141 billion at 0534 GMT, compared to $169.08 billion on Tuesday.

US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Green in a statement on Thursday said the US Justice Department had issued a criminal indictment against board members Gautam Adani and Sagar Adani and the Securities and Exchange Commission had issued a civil complaint against them.

The US Justice Department also included Adani Green board member Vneet Jaain in the criminal indictment, it said.

Adani Green's units had decided not to proceed with the proposed US dollar denominated bond offerings due to developments, it added.

"Investors will shy away from Adani Group stocks ... and that's what this sharp selling is signifying," said Saurabh Jain, assistant vice president of retail equities research at SMC Global Securities.

"This could hurt the credibility of the group and maybe borrowing costs will rise," he said.

The indictment comes nearly two years after US shortseller Hindenburg Research alleged that Adani had improperly used tax havens and was involved in stock manipulation, allegations the conglomerate denied.

Also in early Asian trading on Thursday, Adani dollar bonds slumped, with prices down 3c-5c on bonds for Adani Ports and Special Economic Zone. The falls were the largest since the Adani Group came under a short-seller attack in February 2023.

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November 26,2024

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Islamabad: Four paramilitary personnel and two policemen have been killed and over 100 security personnel injured as the protest by supporters of jailed former prime minister Imran Khan turned violent prompting the federal government to deploy the army in the national capital along with shoot at sight orders on Tuesday, state-run media said.

Pakistan deployed the army amid a tense stand-off with Khan's supporters from his Pakistan Tehreek-e-Insaf (PTI) pushing forward by removing hurdles on their way to Islamabad's D-Chowk venue as the government vowed to foil their attempt “even if a curfew needs to be imposed.”

Radio Pakistan said a vehicle rammed into Pakistan Rangers personnel killing four Rangers officials on the Srinagar Highway in Islamabad late on Monday night. Five other Rangers personnel and several police officials too sustained severe injuries.

About five kilometres from this spot, a bunch of miscreants, equipped with weapons and ammunition, pelted stones on the Rangers personnel and carried out indiscriminate firing on the security personnel at Chungi No 26 in Rawalpindi, Radio Pakistan said.

It also reported that two policemen were killed but didn't provide any details.

According to Punjab police, one policeman was killed at Hakla interchange on Islamabad outskirts during clashes with the PTI protestors on Monday but it also did not give details about the second policeman.

Separately, Interior Minister Mohsin Naqvi said, at a late night media interaction, that more than one hundred security personnel, mostly from police, were injured and added: “One senior police officer (SP) was critically injured – he suffered a severe head injury -- due to stone-pelting by protesters.”

Radio Pakistan further reported that the Pakistan Army was called in “to deal with the miscreants with an iron hand” and “clear orders have also been issued to shoot miscreants and troublemakers on sight.”

Strongly condemning the attack on Rangers and police personnel by protesters, Prime Minister Shehbaz Sharif, in a statement, directed to immediately identify those involved in the incident and ensure they are brought to justice.

“Attacks on police and Rangers, under the guise of a so-called peaceful protest, are condemnable,” he said, adding, the anarchist group seeks bloodshed and “Pakistan cannot afford any form of chaos or bloodshed. Bloodshed for nefarious political agenda is unacceptable and highly condemnable.”

He also instructed to provide the best possible medical facilities to those injured.

Interior Minister Naqvi said the government had offered an alternative venue to the protestors to stage their activity at Sangjani in the suburbs of the capital and apparently Khan has also agreed to it.

Despite permission given by Khan, “maybe there is a leadership above Imran Khan who has refused to accept this,” he claimed and confirmed that talks were going on with the PTI to resolve the issue and that the PTI leaders were allowed to meet Khan twice on Monday to get his input.

The government is waiting for a formal response to its offer of an alternative venue for protest and “we are now waiting for PTI’s response before taking further steps,” Naqvi added.

Naqvi also warned that “come what may, the PTI would not be allowed to stage a protest at D Chowk and even hinted of imposing a curfew if needed.”

Security sources also said that all necessary measures are being taken to counter terrorist activities by disruptive and extremist elements. “All the miscreants are also being identified to bring them to justice,” the sources added.

Meanwhile, the PTI accused the authorities of using violence in which several of its supporters have been injured. A PTI spokesman told BBC Urdu that at least two supporters have also been killed but it was not confirmed from other sources so far.

Khan, 72, the PTI founder, has been in jail since August 5, 2023, and had given the ‘final call’ for the protest to force the authorities to release all prisoners, including himself, and also restore the alleged stolen mandate or victory of his party in February 8 elections as well as rescind the last month's 26th constitutional amendment allowing the government more powers over judiciary.

Earlier on Sunday, led by Khyber-Pakhtunkhwa Chief Minister Ali Amin Gandapur and Khan's wife, Bushra Bibi, the PTI supporters began their journey from the militancy-hit province with a mission to make it to D-Chowk in the national capital but faced obstacles on the roads.

The D-Chowk, close to several important government buildings: the Presidency, the PM Office, the Parliament, and the Supreme Court, is a prime location in the national capital.

The authorities had blocked the highways by placing shipping containers but the protestors accompanied by lifting equipment and other heavy machines worked their way by removing hurdles, but the hurdles did skittle their speed and plans.

The convoy entered Islamabad from Sangjani toll plaza. The party also shared footage of the KP convoy in Islamabad’s limits.

The government already banned rallies by imposing Section 144, a colonial era law used to outlaw political activities, as a high level delegation from Belarus was visiting Pakistan.

At least one policeman was killed and dozen others injured in clashes on Monday as thousands of the PTI protestors entered the territorial jurisdiction of the national capital. In one of the clashes, a policeman was killed at the Hakla interchange on Islamabad outskirts.

Another constable of the Sargodha police was injured due to “firing by miscreants” and was being treated, local media said, adding, dozens of other policemen too were injured in the clashes, but exact details were not available.

As the convoy entered the capital territory in the evening, Bushra Bibi said in a video message: “My brothers, as long as Imran is not with us, we will not end this march.”

Meanwhile, as announced on Monday, all public and private educational institutions would remain closed in view of the law and order situation both at Islamabad and Rawalpindi on Tuesday.

Khan has been implicated in dozens of cases since his government was dismissed through a no-confidence motion in 2022. He has been in Adiala Jail at Rawalpindi since last year facing over 200 cases.

His party won the largest number of seats in the February general elections despite contesting as independents as the party was denied an election symbol.

The party founder has alleged that the ruling Pakistan Muslim League-Nawaz (PML-N) and its coalition partners, including the Pakistan Peoples Party (PPP), had “stolen the mandate” to grab power at the federal level.

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News Network
November 21,2024

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The International Criminal Court (ICC) has issued arrest warrants for Israeli prime minister Benjamin Netanyahu and his former minister of military affairs Yoav Gallant over war crimes against Palestinians in the Gaza Strip.

The court’s Pre-Trial Chamber I issued warrants of arrest for Netanyahu and Gallant "for crimes against humanity and war crimes committed from at least 8 October 2023 until at least 20 May 2024, the day the Prosecution filed the applications for warrants of arrest”, it confirmed in a statement Thursday.

It is the first instance in the court's 22-year history it has issued arrest warrants for Western-allied senior officials.

In its statement, the ICC's Pre-Trial Chamber I, a panel of three judges, said it has rejected appeals by Israel challenging its jurisdiction. 

The chamber said it has decided to release the arrest warrants because "conduct similar to that addressed in the warrant of arrest appears to be ongoing", referring to Israel's ongoing onslaught on Gaza.

Netanyahu and Gallant, it said, “each bear criminal responsibility” for “the war crime of starvation as a method of warfare; and the crimes against humanity of murder, persecution, and other inhumane acts,” as well as “intentionally directing an attack against the civilian population.”

All 124 states that signed the Rome Statute, the treaty that established the court, are now under an obligation to arrest the wanted individuals and hand them over to the ICC in the Hague. 

The court relies on the cooperation of member states to arrest and surrender suspects. The Netherlands' foreign minister quickly said his country was prepared to enforce the warrants while 93 nations earlier reiterated their support for the ICC.

Triestino Mariniello, a lawyer representing Palestinian victims at the ICC, called the warrants "a historic decision".

He noted that the court had endured "pressure and threats of sanctions" from the US government, but acted nonetheless.

As expected, the Tel Aviv regime rejected the rulings, with its security minister Itamar Ben Gvir calling the warrants “anti-Semitic through and through.”

The ICC said Israel’s acceptance of the court’s jurisdiction was not required.

Israel and its major ally, the United States, are not members of the court. 

Israel unleashed its bloody Gaza onslaught on October 7, 2023. So far, it has killed at least 43,985 Palestinians, mostly women and children, and injured 104,092 others, according to the Gaza Health Ministry.

Israel faces an ongoing South Africa-led genocide case at the International Court of Justice (ICJ).

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